Coinbase stock surges as it’s set to join the S&P 500

Coinbase Global (COIN) will join the Standard and Poor's 500 (SP500) index fund on May 19, financial information services platform SP Global said in a recent statement.The crypto exchange will replace Discover Financial Services (DFS), which was recently acquired by Capital One Financial Corp (COF), SP Global said on May 12.SP Globals confirmation of Coinbase Global being inserted into the SP 500. SP GlobalThe SP 500 is a stock market index that tracks the performance of 500 of the largest, publicly traded companies in the US, representing a broad measure of the overall US stock market.Coinbase's inclusion in the SP 500 should increase demand for its stock because index funds and exchange-traded funds that track the SP 500 must buy COIN shares to mirror the index.COIN shares immediately rose 8.8% to $225.4 in after-hours trading following the announcement, Google Finance data shows.Related: $45 million stolen from Coinbase users in the last week ZachXBTThe crypto exchange joins Tesla and Block Inc. as the other large corporate Bitcoin holders currently in the index fund, which tracks an aggregate market cap of more than $49.8 trillion as of March 31.Source: Michael SaylorMagazine: Crypto wanted to overthrow banks, now its becoming them in stablecoin fightThis is a developing story, and further information will be added as it becomes available.